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January 31, 2017Businesses still outsource with the primary goal of reducing costs. But over the past few years, business process outsourcing has become a more complex – and significantly more beneficial –arrangement. It has taken on a more critical role, and on top of reducing expenses, companies now turn to service providers for new reasons.
If you still haven’t tried outsourcing, here’s why you should consider it now.
1. Globalization
Service providers, particularly those based in offshore hubs like the Philippines, operate 24/7/365 across different time zones. Your company can take advantage of their continuous operating hours. Not only does this make your company accessible to customers at all times, it also enables you to cater to a wider global market.
2. Additional resources
With so much human capital at their disposal, service providers are in the positions to help your company grow and develop new opportunities. These opportunities may include acquisitions, mergers, and expansion into new territories.
3. Innovation
Aside from having skilled and experienced personnel, service providers also have advanced business infrastructure, which can help drive innovation within your company. Software development and service business processing are just some of the areas that you can explore when you leverage the service provider’s resources.
4. Increased control
Business process outsourcing improves your capacity to maintain and regulate important functions like finance, manufacturing, and so on. If you’re concerned about data privacy and regulatory control, a carefully drawn up contract can mitigate the risks. Moreover, the benefits of this arrangement will ultimately outweigh the risks involved.
5. Flexibility of operation-related expenditures
Companies outsource in order to convert capital expenditures to operational cost, which does away with the need to reflect the return on equity from capital investments. This translates to a drastic effect on a company’s financial statement.
6. Streamlined resources and functions
Outsourcing allows companies to consolidate the management of functions and resources. Moreover, streamlined processes and improved control helps companies avoid redundancies, keeping operational costs lean.
7. Improved service quality
The consolidation of business processes and resources can lead to an improvement in the overall quality of the services you provide. This helps you build a customer-centric, process-oriented company, allowing you to better align your resources and enhance the delivery of services.
8. Enhanced strategic focus
Entrusting certain processes with a service provider allows you to save precious time and energy. This lets you focus on core business functions and high-level decision-making. This helps you devote more of yourself to business aspects that need more of your attentions, and to do what you enjoy doing most.
Business process outsourcing will help your company adapt to an ever-changing market and expand to new ones. Its benefits go beyond cost savings – you can also look forward to streamlined processes, opportunities for innovation, and increased business agility.
Globally renowned outsourcing hubs like the Philippines are home to seasoned service providers, as well as a large pool of university-educated employees. Talk to an agent today to see how you can drive business growth with outsourcing.
